Hunt Mortgage Lends a Hand to Florida Multifamily Investors
The company arranged Freddie Mac loans for the refinancing of three 100 percent occupied communities.
Miami—Hunt Mortgage Group recently arranged financing in the amount of $7 million for three multifamily properties located in Coral Gables, Cutler Bay and Miami. The 10-year fixed-rate Freddie Mac loans are three-year interest-only and have 30-year amortization periods.
The company provided a $1.3 million Freddie Mac small balance loan to refinance Villas of Salzedo. The two-story, 12-unit community was built in 1926 and is located at 1610 Salzedo St., in the heart of Coral Gables. The borrower, Villas of Salzedo LLC, acquired the property in December 2012 and made significant renovations, including roof and ceiling replacements, truss reinforcement, interior improvements, electric upgrades, windows and doors replacement. The community is 100 percent occupied.
Hunt Mortgage Group arranged a $2.9 million Freddie Mac loan for refinancing Villas of Cutler Bay, a mixed-use residential and commercial property located at 9760 SW 184th St. in Cutler Bay, approximately 25 miles south of downtown Miami. The borrower acquired the property in 2015 and invested significant capital for improvements, such as fencing and irrigation, rain gutters, awnings, roof repairs, new signage and doors and exterior painting. The asset completed in 2004 is 100 percent occupied and encompasses 23 residential units and eight ground-floor commercial units.
The third Freddie Mac loan in the amount of $2.8 million that Hunt Mortgage Group arranged was for refinancing East Wind Apartments, a 16-unit garden-style community located at 7400-7420 NE Sixth Court in Miami. The borrower, Luis Properties II LLC, recently invested in improvements such as landscaping and waterproofing upgrades, HVAC, ceiling insulation, roof system, window and doors improvements, as well as a variety of interior unit upgrades. The community built in 1956 encompasses two 100 percent occupied two-story buildings.
“All three properties are performing well and are located in quality markets,” said Marc Suarez, director at Hunt Mortgage Group. “The borrowers are all new to Hunt Mortgage Group and Freddie Mac. They are experienced local commercial real estate and multifamily investors with multiple interests in the Florida market. When we opened the Hunt Mortgage Group Miami office we envisioned working closely with the local commercial real estate community. These three transactions are a perfect example of how we can add value–by understanding the needs of local investors and providing to them the long-term fixed rate products they wanted.”
Image courtesy of East Wind Miami